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Nagarajan (Consultant)     12 October 2012

Stamp duty

Purchased a flat by way of resale, in a co-operative housing society in Garodia Nagar, Ghatkpar east, Mumbai during 1977. The concept of paying stamp duty and registration of the sale document in respect of flats purchsed in coop hsg societies, was not prevalent during that period. The society transferred the flat in my name and have issued share certificate accordingly. Builder has conveyed the land to society during 1972/74.

Two questions pl:

1. Do I have to pay any stamp duty now?

2. incase I wish to transfer the flat to my wife's name as gift any stamp duty is payable

Regards



Learning

 3 Replies

S Jadhav 98336 98330 (Jadhav & Associates)     12 October 2012

For any transfer of immovable property, it has to be stamped and registered.

You have not done so as yet. The Maharashtra Government has been announcing amnesty schemes wherein the stamp duty to be paid is much lower and the penalties and interest are waived. You should have taken advantage of one of these schemes earlier. However, you may wait and still avail of this benefit.

Alternatively, you may visit the concerned registrar's office to find whether such a scheme benefit is available now.

 

For transferring the flat in your wife's name, you will have to execute a stamped registered gift deed (concessional stamp duty is payable - 2%)

S Jadhav

Nagarajan (Consultant)     13 October 2012

Thanks sir  for your kind clarifications.. Regards.. Nagarajan

nilesh chawda (tax consultants)     14 October 2012

since the date of  execution is prior to 04.07.1980 your liability is restricted to Consideration and certainly not on market value.  can submit it for adjudication even today . even with penalty @ 200 % the stake will not be much.  


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